14th January 2018

Newslink Global Insurance Trends-The Week

This week, the Prudential Regulation Authority(PRA) proposed in a consulting paper a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals whilst maintaining the PRA’s ability to meet its statutory objectives and to supervise firms-a indication of the UK regulator's thinking post-Brexit. Lloyd's Market Association(LMA) published a joint paper with the Korn Ferry Institute on the evolving role of a Chief Risk Officer. Insurance Europe said that there needs to be a clear legal framework at EU level regarding access to in-vehicle data, and also it is taking initiatives aimed at enabling insurance customers to better understand products. AIR Worldwide estimated insured losses from Winter Storm Eleanor at E1.1bn to E1.6bn.
Allianz invested $59.2m and entered a strategic partnership with leading telehealth platform American Well. Laka, formerly Insure a Thing, is challenging the conventional insurance model by offering a truly disruptive bike insurance product, co-built and financially backed by Zurich. French insurer Natixis selected Guidewire ClaimCenter and CustomerEngage Account Management solutions, and Equitable Life of Canada chose Sapiens StoneRiver LifeSuite. Willis Re upgraded its cyber risk portfolio modelling tool PRISM-Re to include silent cyber. Aptitude Software published its first bi-annual Global IFRS 17 Readiness Assessment Report(GIRA) as implementation pressure mounts.
Allianz is to acquire three ERGO DAS subsidiaries. AXIS Capital received Lloyd's approval to create a single Managing Agency structure, and Qatar Re received the nod to write business from its London branch. MS Amlin established a new Bermuda-domiciled special purpose reinsurer Viribus Re, and RGA and RenaissanceRe launched new global life reinsurer Langhorne Re. Pioneer Underwriters announced its Latin American business with the opening of a regional hub and team appointments. Hyperion Insurance Group continued its revenue growth.
There were senior appointments at Chubb, ClimateWise, Fidelis, Hastings Insurance Group, Lloyd's Market Association(LMA), Liberty Specialty Markets(LSM), Sedgwick, Thomas Miller, and insurance IT company Xceedance. Berkshire Hathaway appointed two new directors which could provide a clue to long-awaited succession plans.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com-featuring advanced structured search, report facilities, and a free 14 day full trial.